Macro comments
On March 23, the CBRC revealed that the CBRC has always attached great importance to financial services and Rural Revitalization. By the end of 2021, the balance of agriculture related loans was 43.2 trillion yuan. In 2022, the CBRC will continue to guide the banking and insurance industry to continuously deepen the reform and innovation of rural financing, actively respond to the needs of comprehensive rural revitalization, strive to help realize the vision of common prosperity and fully serve the construction of a new development pattern. （Wind）
Comments: driven by production costs, international market transmission and low social inventory, the prices of agricultural materials such as chemical fertilizers and pesticides in China have increased significantly. At present, it is a critical juncture for spring farming preparation. The rise in the price of agricultural materials will have a great negative impact on Farmers' farming preparation and spring farming production, and restrict the progress and development of spring farming production. The CBRC will guide financial resources to give priority to ensuring grain and important Shenzhen Agricultural Products Group Co.Ltd(000061) supply, and focus on increasing credit investment in major grain producing counties. Give full play to the leading role of Finance and help build a modern rural industrial system.
Macro key dynamics
[1] China Academy of communications and communications: from January to February, China's electronic manufacturing industry continued to maintain a high outlook under the background of the digital transformation and intelligent upgrading of the manufacturing industry and the promotion and implementation of the national "Eastern digital and Western computing" project, with rapid growth in production and investment, and continued to lead the national industry; Although the growth rate of export delivery value is slightly lower than the national industrial average, it still maintains a double-digit growth trend. (China Securities Network)
[2] the national development and Reform Commission and the National Energy Administration recently jointly issued the medium and long-term plan for the development of hydrogen energy industry (20212035), which is China's first medium and long-term plan for hydrogen energy industry. The plan defines for the first time that hydrogen energy is an important part of the future national energy system, and determines that hydrogen production from renewable energy is the main development direction. （Wind）
Risk tips: Overseas epidemic situation exceeds the expected fluctuation risk and monetary policy change.
